Earnest Money Deposit Bank Guarantee Template for Malaysia

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Key Requirements PROMPT example:

Earnest Money Deposit Bank Guarantee

"I need an Earnest Money Deposit Bank Guarantee for a real estate development project in Kuala Lumpur, with a guarantee amount of MYR 5 million, valid until March 15, 2025, where my company is bidding for a government construction tender."

Document background

The Earnest Money Deposit Bank Guarantee is a crucial financial instrument in Malaysian commercial transactions, particularly used in high-value deals where parties seek secure payment assurance. This document is typically required when a substantial deposit needs to be secured without actual fund transfer, providing financial security to the beneficiary while maintaining the applicant's liquidity. The guarantee must comply with Malaysian banking regulations, including the Financial Services Act 2013 and relevant Bank Negara Malaysia guidelines. The document specifies the guaranteed amount, validity period, conditions for demand, and payment obligations, structured to protect all parties' interests while ensuring enforceability under Malaysian law.

Suggested Sections

1. Parties: Identification of the Bank (Guarantor), the Applicant (Principal), and the Beneficiary

2. Background: Context of the underlying transaction and purpose of the guarantee

3. Definitions: Key terms used in the guarantee including 'Guaranteed Sum', 'Expiry Date', and 'Demand Notice'

4. Guarantee Amount: Specific amount of the guarantee and currency

5. Scope of Guarantee: Nature and extent of the bank's commitment and obligations

6. Demand Requirements: Process and conditions for making a claim under the guarantee

7. Duration and Validity: Term of the guarantee, including commencement and expiry dates

8. Bank's Payment Obligations: Terms and conditions under which the bank must make payment

9. Governing Law and Jurisdiction: Specification of Malaysian law as governing law and jurisdiction

Optional Sections

1. Multiple Beneficiaries: Required when the guarantee is issued in favor of multiple beneficiaries

2. Assignment Provisions: Include when the guarantee needs to be assignable

3. Counter-Indemnity: Include when specific counter-indemnity arrangements are required from the applicant

4. Reduction Clause: Include when the guarantee amount can be reduced over time

5. Force Majeure: Include when specific force majeure provisions are required

6. Language Preference: Required when the guarantee might be used internationally or with non-English speaking parties

Suggested Schedules

1. Form of Demand: Template for making a valid demand under the guarantee

2. Underlying Transaction Details: Details of the primary transaction for which the guarantee is issued

3. Bank's Special Conditions: Any specific conditions or requirements imposed by the issuing bank

4. Authorized Signatories: List of persons authorized to make demands under the guarantee

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking and Financial Services

Real Estate

Construction

Manufacturing

Infrastructure Development

Energy

Telecommunications

Government and Public Sector

Mining and Resources

Commercial Property Development

Relevant Teams

Legal

Finance

Treasury

Risk Management

Procurement

Commercial Operations

Corporate Banking

Business Development

Compliance

Project Management

Relevant Roles

Chief Financial Officer

Treasury Manager

Finance Director

Legal Counsel

Contract Manager

Risk Manager

Procurement Manager

Business Development Manager

Company Secretary

Commercial Director

Project Manager

Corporate Banking Officer

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Let's create your Earnest Money Deposit Bank Guarantee

Authors

Alex Denne

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